“Buffalo has become a very, very hot real estate market. People want to buy in the City of Buffalo and there is tremendous speculator activity.”
Those words from Mayor Byron Brown spoken earlier this week couldn’t be more truthful. Real estate investors noticed an upward swing in Buffalo’s real esate market since early last year.
The secret sauce?
A new state law giving it super-bidding power to purchase foreclosed homes.
With that comes questions about if the city’s new power will lead to more gentrification in Buffalo. The new law recently signed by the governor giving the city the power to make bids on foreclosed properties, according to Brown, will allow the city to keep out-of-town buyers from dominating the market.
“Right now, the city does not own any residential homes, so this is the first time in a long time that the city is acquiring absentee residential homes for the purpose of helping people who live in those neighborhoods become homeowners,” Brown said.
The City will continue with its plan to put new homeowners in the foreclosed properties its purchased.
The real question: Will this upward trend continue throughout the rest of Upstate NY, paving way for hopes of a brighter future for those who remember more prosperity in Upstate New York.